China's smaller than expected benchmark rate cut causes slip in oil prices.

Oil prices were mixed as China cut benchmark lending rates less than expected, while crude oil demand is expected to rise 3.5% this year. China's retail and factory sectors are struggling to sustain the momentum seen earlier this year. Iran's crude exports and oil output have hit new highs despite U.S. sanctions. Russia is set to increase seaborne diesel and gasoil exports this month, outweighing cuts by OPEC and its allies.